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5 Personal Loans For Students With Bad Credit

Here are the top 5 personal loans for students with bad credit:

  1. OppLoans
  2. Stilt Personal Loan
  3. BadCreditLoans
  4. PersonalLoans
  5. Drcredit

The cost of attending school is higher than simply tuition, textbooks, and a dorm room.

If you live off-campus, you’ll have to pay additional living expenses such as rent, electricity, food, and other necessities.

Personal loans for students may be a viable option if you’ve exhausted all other options and still haven’t been able to pay off your debt.

5 Personal Loans For Students With Bad Credit

1. OppLoans

APR: 59% to 160%. Loan terms: 6 to 18 months

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Top Choice
Interest Rates
3.5/5
Loan Amounts
4.6/5
Customer Experience
5/5
Availability
5/5
Approval Rate
5/5

Opploans are a popular choice because they provide small loans with quick funding and high-interest rates.

There may be alternative options that are less costly.

If you have terrible credit, then Opploans might be a viable alternative. However, it should only be used as a last resort.

2. Stilt Personal Loan

APR: 7.99% – 35.99%. Loan Terms: 6 – 24 months. Loan Amounts $1,000 – $35,000.

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Financeive Rate
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4/5
Loan Amounts
5/5
Customer Experience
5/5
Availability
3.5/5
Approval Rate
4/5

A Stilt loan may be worth it if you have a valid visa but no credit history in the United States.

Because a Stilt loan is reported to several of the major credit agencies, it may help you increase your score.

Borrowers with limited access to credit might find a loan from this lender beneficial if they do not have a Social Security number or fulfill the requirements of other lenders.

3. BadCreditLoans

Loan Amounts: $500 – $10,000. APR Range: 5.99% – 35.99%.

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Financeive Rate
Interest Rates
4/5
Loan Amounts
4.5/5
Customer Experience
5/5
Availability
4/5
Approval Rate
4/5

BadCreditLoans can help people with bad credit get the cash they need. Borrowers searching for cheap personal loans of $500 to $10,000 for terms ranging from three to 36 months.

Your loan application is sent to a large network of lenders, each of whom wants your business.

It’s an excellent alternative for students with poor credit in need of cash to pay off obligations or unanticipated costs that aren’t addressed by traditional bank loans.

4. PersonalLoans

APR: 5.99% to 35.99%. Loan Amount: $1,000 to $35,000.

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Financeive Rate
Interest Rates
4.9/5
Loan Amounts
5/5
Customer Experience
5/5
Availability
5/5
Approval Rate
4.7/5

According to the many pleased clients, PersonalLoans is the place to go if you need a fast personal loan.

To find out whether they have an unsecured personal loan available through their network, you can simply fill out the online form.

There are no hard credit checks or collateral required to obtain up to $35,000 in less than 24 hours.

4. Drcredit

APR: Not specified. Up to $25,000 Unsecured Personal Loan.

4.5

Financeive Rate
Interest Rates
4.5/5
Loan Amounts
5/5
Customer Experience
4.3/5
Availability
5/5
Approval Rate
5/5

Drcredit is the website for you if you’re searching for a personal loan and have bad credit.

The majority of the loans they specialize in are personal loans for people with less-than-perfect credit who want to borrow money.

You may apply on their website in minutes and receive a response quickly.

Because Drcredit connects with a variety of lenders, you’ll be able to discover one that offers you a loan at an affordable interest rate.

3 Alternatives to Personal Loans for Students

1. Emergency Grants

Some institutions assist students in need of emergency funds.

Check with your financial aid office to see if any scholarships are available.

Some schools in Minnesota, for example, offer scholarships of $500 to $1,000 to students who are in severe financial difficulties.

More: Is Taking a Personal Loan to Pay Rent a Good Idea?

2. Private Student Loans

Private student loans are the next best loan alternative for students.

While these private loans are available by banks and lenders at typically higher interest rates (as compared to federal loans) and lack some of the benefits, they do have lower interest rates than most personal loans that students may qualify for.

Many financing companies allow for interest-only payments or full deferment during school, and several also (such as Ascent*) provide rate reductions for automatic payments or excellent GPA.

Many private student loan lenders do not charge any or little fees, which may help you save money over time.

3. Federal Student Loans

There are several advantages to taking out federal student loans, including tax credits and flexible payment options, all of which come with a grace period meaning that you don’t have to start repayment until 6 to 9 months after graduation.

They also have the lowest interest rates of any personal or student loans.

If you’re unable to pay your college tuition on time, your parents can also get Parent PLUS Loans to assist you.

Our Methodology

Financeive is dedicated to providing borrowers with fair, thorough evaluations of personal loan providers.

To ensure that our information assists borrowers in making the best personal loan selection for their needs, we gathered over 30 data points from more than 15 lenders to provide accurate information.

Frequently Asked Questions